I'm on the fence and unsure if I should pursue a MAcc or an MBA with an Accounting or Finance concentration. Any input would be greatly appreciated.
It depends on what you want to do. You need a specific career goal in order to determine which degree is more beneficial for you.
I agree with Flight On, Trojans. Do you know what career you would like to pursue? I was stuck on the same decision, whether to choose MBA or MAcc, before I began grad school in January. I chose the MAcc program because I am going to sit for the CPA exam but not interested in the business classes that come along with the MBA program (and the MAcc is three classes less and I only needed the credits that the 10 courses of the MAcc would give me to meet the requirements to be a CPA). Also, I feel as though the MAcc will prepare me better for the CPA exam than the MBA would.
But as we said, you should choose a career path first then decide. Hope this helps! I know I was confused at first on which one to choose! Good luck!
The MBA is typically more applicable to those who need/want these credentials in order to go further in their general business career. Typical MBA students have a few years of work experience and going back to school provides them with 1) a greatly expanded network, 2) ideas from that network on career, leadership, etc. and 3) something additional to put on the resume. If you've already got a fairly well established career, but want a raise or more responsibility, or want to change companies/directions getting an MBA can signal that you're serious about your business aspirations and open up possibilities.
The MAcc is usually a step towards getting certified as a CPA. It's typically much more specialized than the MBA, even if said MBA had a concentration in accounting. Depending on your undergrad degree, the MBA requirements, and the state your in, you may not be able to sit for the CPA exam with an MBA, but would with the MAcc degree. Most MAcc programs also allow concentrations such as tax, managerial, or financial. There will also be a healthy dose of straight up business classes and the same opportunities for extra curricular networking and other activities.
If you wanted to work as a CPA, it would probably behoove you to get the MAcc (unless, as noted earlier, your circumstances do not require it). If you wanted a broader set of options out of the gate, the MBA would probably be a better fit. Of course, you can always get your MAcc and then go back for your MBA. Depending on where you work, it might be subsidized by your employer. As Fight On, Trojans! said, it really depends on what you want to do.
I was a Chemistry major for my undergrad, and didn't want to jump straight into an MBA because that probably would have meant working in more chemistry jobs or random entry level positions for a while. Getting my MPA (another name) will give me the business credentials right out of undergrad, allow me to start a business type career, and it doesn't shut out the option of getting an MBA later on if it's the right step for me.
Hope this helps! This was a question I had too, so let me know if there's anything else you want to know.
If you see yourself in a managerial role instead of something more specialized, I would definitely pursue a concentrated MBA. It will open up many other options for you as well, should you decide to change industries. I went to a Boston business school for my MBA (mrkt. concentration), and it was the best decision I could have made for my career.
MBA will give you a more choices as compared to a MAcc.
It really depends on what you want to do. I had the same dilemma. I spoke to some friends in HR of large employers and was told that MBA on resumes is mostly ignored unless it is from high level schools like Sloan and Harvard. However, specialized training like MACC or MS in Accounting is respected if you are looking for a job in accounting.
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